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IRDA to permit insurance company to set up of liaison offices in India

The Insurance Regulatory and Development Authority (IRDA) has been authorised to permit insurance companies registered outside India to set up liaison offices in the country.

The existing procedure for grant of permission by RBI for opening of an office by an insurance company registered outside India has been revised in consultation with the Government of India and it has been decided that hence forth such permission would be granted by IRDA.

In this context a “Liaison Office” would mean a place of business to act as a channel of communication between the Principal place of business or Head Office by whatever name called and entities in India but which does not undertake any commercial/ trading/ industrial activity, directly or indirectly, and maintains itself out of inward remittances received from abroad through normal banking channel.

Persons desirous of opening liaison offices shall apply to the Insurance Regulatory and Development Authority. The applicant company shall be required to comply with the terms and conditions of the General Permission granted by RBI under the Foreign Exchange Management Act, 1999 and any other law in force.

The permission for opening of liaison office in India by an insurance company registered outside India are subject to the terms and conditions as may be additionally stipulated by the Authority from time to time.

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